Monzo Aims to Put Over £3 Billion Back in Brits’ Pockets With Monzo Split, a Free Feature That Removes the Hassle of Shared Expenses

Monzo has found that Brits are losing a staggering £3.2 billion every year because they feel too awkward to ask for their money back after covering shared expenses. The average person waves goodbye to £61.48 each year by dodging those uncomfortable “Can you send me that £5?” texts, with 68% admitting they find it awkward to ask someone for money they are owed. 

Monzo also revealed that:

• Over half (55%) of Brits regularly cover costs for others
• More than third (35%) have fallen out with friends and family over asking for money back
• For people who’ve lost money, 42% said it was due to embarrassment while 27% forgot to ask 
• The highest amount of money people would let go without asking to be repaid is £15 

 With this in mind, the digital bank is introducing Monzo Split – a seamless feature designed to make splitting expenses effortless. It allows you to split, track, pay and chase payments, all in one safe place – even if you don’t bank with Monzo. It offers a smooth, fee-free experience with the option to do the chasing for you and thus taking the awkwardness away.   

Monzo Split offers flexibility with two distinct ways to manage expenses:

• Running Split: Ideal for ongoing expenses such as household bills or group trips. Running Splits allow users to track and manage multiple expenses over time, and when you’re ready to settle up, Monzo will work out the math for you.
• Single Split: Perfect for settling one-off expenses like dinner or a shared taxi ride. Users can quickly divide the cost among friends and settle the bill in a single click. 

Monzo customers can enjoy full access to all features of Monzo Split, including creating splits, inviting participants, adding expenses from various accounts and cards, and sending reminders to ensure everyone stays on track. Customers on a paid plan can even add payments directly from connected accounts, so everything can be automated. Guest users (from all over the world) can also participate by accepting an invite, adding their own expenses, and tracking payments by marking amounts as paid – ensuring that everyone can contribute to managing shared expenses effortlessly. 

Andy Smart, Chief Product Officer at Monzo said: “We know that chasing your mates when they owe money can be awkward, but that shouldn’t mean that people miss out on getting paid back. We’ve all been there – trying to stay on top of costs on a group trip, managing ongoing household expenses or buying that round of drinks – and then awkwardly chasing people. We don’t think splitting costs should come at a cost, so we built Monzo Split. Now, whether you’re a Monzo customer or not, we can take care of the tracking, the maths, and even the nudging, so you don’t have to.”

Visit https://www.monzo.com/features/monzo-split to find out more.